Tesla to freeze hiring, lay off employees in next quarter

Tesla, the electric vehicle manufacturer, is reportedly planning to lay off employees and freeze hiring in the first quarter of 2023. According to Electrek, the company has informed its employees that layoffs will be expected in the coming months. This news comes after Tesla’s stock price fell to a new 52-week low.

In June of this year, Tesla CEO Elon Musk asked executives to “pause all hiring” and cut 10% of the company’s staff in order to reduce costs and increase efficiency. It is unclear at this time how many employees will be affected by the layoffs or how long the hiring freeze will last.

The move to cut staff and freeze hiring may be seen as a response to the recent decline in Tesla’s stock price and the company’s efforts to reduce costs. Tesla has faced a number of challenges in the past year, including supply chain disruptions and production delays, which have affected its financial performance.

Despite these setbacks, Tesla remains a leading player in the electric vehicle market and continues to innovate with new products and technologies. It will be interesting to see how the company’s decision to lay off employees and freeze hiring affects its operations and financial performance in the coming months.

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